Archive - Feb 27, 2008

Date

American Corporations Ask Us To Bail Them Out Again

Posted February 27, 2008 - 11:19am by Will Hinton

I am stunned by some of the things I am reading today in The New York Times. First there was the falsehoods about rising inflation. Now this regarding rising house foreclosures:

Bank of America, which is in the process of acquiring Countrywide Financial and has potentially huge exposure, has circulated a proposal to create a new federal agency that would buy vast quantities of delinquent mortgages at a deep discount and replace them with fixed-rate federally guaranteed loans.

Hmmm....let's consider this proposal. Bank of America has decided to make a tremendously risky move by acquiring Countrywide Financial. And instead of shouldering the risk themselves, they are asking that the American taxpayers (you and I) take on the risk instead.

How To Lie With Statistics: Government-style

Posted February 27, 2008 - 10:59am by Will Hinton

I'm reading this article in the New York Times about various economic pressures such as the continued housing slump and concerns over inflation when I came to this paragraph:

The latest inflation report appears to corroborate a broader trend of higher prices across the economy. Last week, the Labor Department reported elevated readings for consumer prices. The consumer price index was up 4.3 percent last month from a year ago, up from a 4.1 percent increase in December.